Public Finance

CHAPTER 35-8.1
Refunding Bond Authority

SECTION 35-8.1-11

§ 35-8.1-11. Loan to state authorized – Repayment subject to appropriation.

The authority may lend money to the state, upon the request of the governor, by entering into a loan and trust agreement. The governor is authorized to enter into a loan and trust agreement with the authority for the loaning of money to the state upon such terms and conditions as shall be agreed upon by the governor and the authority. Upon the loaning and delivery of money to the state, the state shall be deemed to have agreed to make certain loan payments in order to provide revenues to the authority. Notwithstanding anything in this chapter or any loan and trust agreement to the contrary, the amounts required to be paid by the state shall be subject to and dependent upon appropriations being made from time to time by the general assembly for that purpose.

History of Section.
(P.L. 1987, ch. 12, § 1.)